The Hidden Price Tag That Comes With Driving

Passing your driving test is no easy feat, and thus a rite of passage that brings immense freedom, independence, and that unbeatable feeling of finally being able to tread your own path. But as any seasoned motorist will tell you, driving a car can be costly. And as we grapple with the rising cost of living in the UK, understanding these associated expenses is crucial.

Whether you’re buying your first set of wheels or just starting to budget for the road ahead, here’s what every new driver in the UK should know about the real cost of car ownership.

Understanding the True Cost of Car Ownership

If you’ve finally bought your first car after months of saving up, congratulations! You may be thinking that was the last of the big hits to your wallet, but you’re deeply mistaken, my friend. As much as we hate to break it to you, purchasing a car comes with some hidden expenses.

From insurance and road tax to MOTs, servicing, and depreciation, the total cost of ownership can often add up and catch you completely off guard. Many drivers often tend to overlook hidden costs, like breakdown cover or parking permits. Our advice? Be aware so you can be prepared. Create a breakdown of every car associated cost so you can plan your finances accordingly (and preserve your sanity).

Car Insurance is A Pricey Necessity

The rates for car insurance are through the roof. The Association of British Insurers (ABI) attributes the rise to the fact that cars now cost more to repair, whether because of modern manufacturing methods, increasingly sophisticated technology or procuring parts.

Because of their limited experience, many first-timers are considered higher risk, and premiums can be reflective of that.

Choosing a small car with a less powerful engine, skipping extras like legal cover and breakdown cover, and adding a named driver can all help you lower your premium.

Explore Different Car Purchasing Options

Many people have two options when they want a new car: buy it with a traditional loan or lease it. These are flexible paths to vehicle ownership that you can take depending on your personal situation.

For those building or repairing their credit, bad credit car finance could offer you the chance to drive while improving your financial standing.

Fuel Costs and Driving Habits

Fuel is a constant cost, and one that’s only rising, but you can keep it in check by changing the way you drive. Driving smoothly, maintaining steady speeds, and avoiding unnecessary idling can lower your fuel consumption and give you better value for your pound.

Although owning a car can bring you freedom, it also comes with a level of financial responsibility that you would want to take into account before making the plunge.